Biased Beliefs And Imperfect Information

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Biased Beliefs and Imperfect Information

Author : Eugenio Proto
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Biased Beliefs and Imperfect Information by : Eugenio Proto

Download or read book Biased Beliefs and Imperfect Information written by Eugenio Proto and published by . This book was released on 2015 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We perform an incentivized experiment designed to assess the accuracy of beliefs about characteristics and decisions. Subjects are asked to declare some specific choices and characteristics with different levels of observability from an external point of view, and typically formed through real world experiences. From the less observable mobile phone purchasing decisions, hypothetical restaurant choices, political views, happiness to the fully observable height and weight; after they are asked to report beliefs on statistics over the same items concerning other individuals living in the same environment. We test two main hypotheses: (i) whether for items not perfectly observable, individuals suffer of some type of bias in these beliefs; (ii) whether this bias would disappear for weight and height, when the information is perfectly available. We find a powerful and ubiquitous bias in perceptions that is "self-centered" in the sense that those at extremes tend to perceive themselves as closer to the middle of the distribution than is the case. Albeit weaker, this bias does not disappear when the information is readily available as in height and weight. We present evidence from our experiment that limited attention and self-serving deception can provide explanations for this bias and present important economic applications.

Biases in Perceptions, Beliefs and Behavior

Author : Isabelle Brocas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Biases in Perceptions, Beliefs and Behavior by : Isabelle Brocas

Download or read book Biases in Perceptions, Beliefs and Behavior written by Isabelle Brocas and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a model where individuals have imperfect information about their preferences (or the environment) and there is an opportunity cost of learning. It shows that the endogenous decision to collect information before taking an action creates a systematic bias in the aggregate behavior of a population of rational, profit-maximizing agents. More precisely, individuals will favor actions with large payoff-variance, i.e., those which may potentially generate the highest benefits even if they may also generate the biggest losses. The paper thus concludes that systematically biased choices do not necessarily imply that agents have irrational, systematically biased beliefs. It also provides testable implications about the propensity of individuals to incur different types of errors. Some applications such as biases in judicial decision-making and career choices are discussed.

Individual Preferences, Beliefs and Information Processing Biases

Author : Francesca Bartoli
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (18 download)

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Book Synopsis Individual Preferences, Beliefs and Information Processing Biases by : Francesca Bartoli

Download or read book Individual Preferences, Beliefs and Information Processing Biases written by Francesca Bartoli and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Behavioral Industrial Organization

Author : Victor J. Tremblay
Publisher : Edward Elgar Publishing
ISBN 13 : 178471898X
Total Pages : 483 pages
Book Rating : 4.7/5 (847 download)

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Book Synopsis Handbook of Behavioral Industrial Organization by : Victor J. Tremblay

Download or read book Handbook of Behavioral Industrial Organization written by Victor J. Tremblay and published by Edward Elgar Publishing. This book was released on 2018 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Behavioral Industrial Organization integrates behavioral economics into industrial organization. Chapters cover concepts such as relative thinking, salience, shrouded attributes, cognitive dissonance, motivated reasoning, confirmation bias, overconfidence, status quo bias, social cooperation and identity. Additional chapters consider industry issues, such as sports and gambling industries, neuroeconomic studies of brands and advertising, and behavioral antitrust law. The Handbook features a wide array of methods (literature surveys, experimental and econometric research, and theoretical modelling), facilitating accessibility to a wide audience.

The Misinformation Age

Author : Cailin O'Connor
Publisher : Yale University Press
ISBN 13 : 0300241003
Total Pages : 290 pages
Book Rating : 4.3/5 (2 download)

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Book Synopsis The Misinformation Age by : Cailin O'Connor

Download or read book The Misinformation Age written by Cailin O'Connor and published by Yale University Press. This book was released on 2019-01-08 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Empowering and thoroughly researched, this book offers useful contemporary analysis and possible solutions to one of the greatest threats to democracy.” —Kirkus Reviews Editors’ choice, The New York Times Book Review Recommended reading, Scientific American Why should we care about having true beliefs? And why do demonstrably false beliefs persist and spread despite bad, even fatal, consequences for the people who hold them? Philosophers of science Cailin O’Connor and James Weatherall argue that social factors, rather than individual psychology, are what’s essential to understanding the spread and persistence of false beliefs. It might seem that there’s an obvious reason that true beliefs matter: false beliefs will hurt you. But if that’s right, then why is it (apparently) irrelevant to many people whether they believe true things or not? The Misinformation Age, written for a political era riven by “fake news,” “alternative facts,” and disputes over the validity of everything from climate change to the size of inauguration crowds, shows convincingly that what you believe depends on who you know. If social forces explain the persistence of false belief, we must understand how those forces work in order to fight misinformation effectively. “[The authors] deftly apply sociological models to examine how misinformation spreads among people and how scientific results get misrepresented in the public sphere.” —Andrea Gawrylewski, Scientific American “A notable new volume . . . The Misinformation Age explains systematically how facts are determined and changed—whether it is concerning the effects of vaccination on children or the Russian attack on the integrity of the electoral process.” —Roger I. Abrams, New York Journal of Books

Biased Beliefs and Reciprocal Behavior in Social Dilemmas

Author : Anselm Hüwe
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (17 download)

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Book Synopsis Biased Beliefs and Reciprocal Behavior in Social Dilemmas by : Anselm Hüwe

Download or read book Biased Beliefs and Reciprocal Behavior in Social Dilemmas written by Anselm Hüwe and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fundamentals Versus Beliefs Under Imperfect Information

Author : Larry Karp
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (247 download)

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Book Synopsis Fundamentals Versus Beliefs Under Imperfect Information by : Larry Karp

Download or read book Fundamentals Versus Beliefs Under Imperfect Information written by Larry Karp and published by . This book was released on 1999 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Readings in Public Choice and Constitutional Political Economy

Author : Charles Rowley
Publisher : Springer Science & Business Media
ISBN 13 : 0387758704
Total Pages : 617 pages
Book Rating : 4.3/5 (877 download)

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Book Synopsis Readings in Public Choice and Constitutional Political Economy by : Charles Rowley

Download or read book Readings in Public Choice and Constitutional Political Economy written by Charles Rowley and published by Springer Science & Business Media. This book was released on 2008-08-09 with total page 617 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public choice is the study of behavior at the intersection of economics and political science. Since the pioneering work of Duncan Black in the 1940s, public choice has developed a rich literature, drawing from such related perspectives as history, philosophy, law, and sociology, to analyze political decision making (by citizen-voters, elected officials, bureaucratic administrators, lobbyists, and other "rational" actors) in social and economic context, with an emphasis on identifying differences between individual goals and collective outcomes. Constitutional political economy provides important insights into the relationship between effective constitutions and the behavior of ordinary political markets. In Readings in Public Choice and Constitutional Political Economy, Charles Rowley and Friedrich Schneider have assembled an international array of leading authors to present a comprehensive and accessible overview of the field and its applications. Covering a wide array of topics, including regulation and antitrust, taxation, trade liberalization, political corruption, interest group behavior, dictatorship, and environmental issues, and featuring biographies of the founding fathers of the field, this volume will be essential reading for scholars and students, policymakers, economists, sociologists, and non-specialist readers interested in the dynamics of political economy.

Experimental Economics

Author : Douglas D. Davis
Publisher : Princeton University Press
ISBN 13 : 9780691043173
Total Pages : 592 pages
Book Rating : 4.0/5 (431 download)

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Book Synopsis Experimental Economics by : Douglas D. Davis

Download or read book Experimental Economics written by Douglas D. Davis and published by Princeton University Press. This book was released on 1993-01-03 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of an area of economic research whereby economists have begun to use laboratories to evaluate economic propositions under carefully controlled conditions. The authors argue for the effectiveness of this technique in selected circumstances.

Algorithms of Oppression

Author : Safiya Umoja Noble
Publisher : NYU Press
ISBN 13 : 1479837245
Total Pages : 245 pages
Book Rating : 4.4/5 (798 download)

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Book Synopsis Algorithms of Oppression by : Safiya Umoja Noble

Download or read book Algorithms of Oppression written by Safiya Umoja Noble and published by NYU Press. This book was released on 2018-02-20 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Acknowledgments -- Introduction: the power of algorithms -- A society, searching -- Searching for Black girls -- Searching for people and communities -- Searching for protections from search engines -- The future of knowledge in the public -- The future of information culture -- Conclusion: algorithms of oppression -- Epilogue -- Notes -- Bibliography -- Index -- About the author

Transparency and Monetary Policy with Imperfect Common Knowledge

Author : Mr.Mauro Roca
Publisher : International Monetary Fund
ISBN 13 : 1451982577
Total Pages : 28 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Transparency and Monetary Policy with Imperfect Common Knowledge by : Mr.Mauro Roca

Download or read book Transparency and Monetary Policy with Imperfect Common Knowledge written by Mr.Mauro Roca and published by International Monetary Fund. This book was released on 2010-04-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is it desirable that central banks be more transparent in the communication of sensible information when agents have diverse private information? In practice, there exists some consensus about the benefits of acting in this way. However, other studies warn that increasing the precision of public information may raise the volatility of some aggregate variables - in particular, the price level - due to the disproportionate influence that it exerts on agents' decisions, and that this, in turn, will have negative effects on welfare. This paper studies the welfare effects of varying levels of transparency in a model of price-setting under monopolistic competition and imperfect common knowledge. Our results indicate that more precise public information never leads to a reduction of welfare in this framework. We find that the beneficial effects of decreased imperfect common knowledge due to a more precise common signal always compensates the potential rise in aggregate volatility. Moreover, we show that, in contrast to what has previously been assumed, the variability of the aggregate price level has no detrimental welfare effects in this model.

The Oxford Handbook of Behavioral Economics and the Law

Author : Eyal Zamir
Publisher : Oxford University Press
ISBN 13 : 0199945489
Total Pages : 841 pages
Book Rating : 4.1/5 (999 download)

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Book Synopsis The Oxford Handbook of Behavioral Economics and the Law by : Eyal Zamir

Download or read book The Oxford Handbook of Behavioral Economics and the Law written by Eyal Zamir and published by Oxford University Press. This book was released on 2014-09-16 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past twenty years have witnessed a surge in behavioral studies of law and law-related issues. These studies have challenged the application of the rational-choice model to legal analysis and introduced a more accurate and empirically grounded model of human behavior. This integration of economics, psychology, and law is breaking exciting new ground in legal theory and the social sciences, shedding a new light on age-old legal questions as well as cutting edge policy issues. The Oxford Handbook of Behavioral Economics and Law brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its 29 chapters organized in four parts. The first part provides a general overview of behavioral economics. The second part comprises four chapters introducing and criticizing the contribution of behavioral economics to legal theory. The third part discusses specific behavioral phenomena, their ramifications for legal policymaking, and their reflection in extant law. Finally, the fourth part analyzes the contribution of behavioral economics to fifteen legal spheres ranging from core doctrinal areas such as contracts, torts and property to areas such as taxation and antitrust policy.

The Encyclopedia of Public Choice

Author : Charles Rowley
Publisher : Springer Science & Business Media
ISBN 13 : 0306478285
Total Pages : 1142 pages
Book Rating : 4.3/5 (64 download)

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Book Synopsis The Encyclopedia of Public Choice by : Charles Rowley

Download or read book The Encyclopedia of Public Choice written by Charles Rowley and published by Springer Science & Business Media. This book was released on 2008-01-25 with total page 1142 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Encyclopedia provides a detailed and comprehensive account of the subject known as public choice. However, the title would not convey suf- ciently the breadth of the Encyclopedia’s contents which can be summarized better as the fruitful interchange of economics, political science and moral philosophy on the basis of an image of man as a purposive and responsible actor who pursues his own objectives as efficiently as possible. This fruitful interchange between the fields outlined above existed during the late eighteenth century during the brief period of the Scottish Enlightenment when such great scholars as David Hume, Adam Ferguson and Adam Smith contributed to all these fields, and more. However, as intell- tual specialization gradually replaced broad-based scholarship from the m- nineteenth century onwards, it became increasingly rare to find a scholar making major contributions to more than one. Once Alfred Marshall defined economics in neoclassical terms, as a n- row positive discipline, the link between economics, political science and moral philosophy was all but severed and economists redefined their role into that of ‘the humble dentist’ providing technical economic information as inputs to improve the performance of impartial, benevolent and omniscient governments in their attempts to promote the public interest. This indeed was the dominant view within an economics profession that had become besotted by the economics of John Maynard Keynes and Paul Samuelson immediately following the end of the Second World War.

Seduction by Contract

Author : Oren Bar-Gill
Publisher : Oxford University Press
ISBN 13 : 019966336X
Total Pages : 297 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis Seduction by Contract by : Oren Bar-Gill

Download or read book Seduction by Contract written by Oren Bar-Gill and published by Oxford University Press. This book was released on 2012-08-23 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seduction by Contract explains how consumer contracts emerge from market forces and consumer psychology. Consumers' predictable mistakes - they are short-sighted, optimistic, and imperfectly rational - compel sellers to compete by hiding the true costs of products in complex, misleading contracts. Only better law can overcome the market's failure.

Housing Search Frictions

Author : Peter Bergman
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (119 download)

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Book Synopsis Housing Search Frictions by : Peter Bergman

Download or read book Housing Search Frictions written by Peter Bergman and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We randomized school quality information onto the listings of a nationwide housing website for low-income families. We use this variation and data on families' search and location choices to estimate a model of housing search and neighborhood choice that incorporates imperfect information and potentially biased beliefs. We find that imperfect information and biased beliefs cause families to live in neighborhoods with lower-performing, more segregated schools. Families underestimate school quality conditional on neighborhood characteristics. If we had ignored this information problem, we would have estimated that families value school quality relative to their commute downtown by half that of the truth.

Biased

Author : Jennifer L. Eberhardt, PhD
Publisher : Penguin
ISBN 13 : 0735224943
Total Pages : 368 pages
Book Rating : 4.7/5 (352 download)

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Book Synopsis Biased by : Jennifer L. Eberhardt, PhD

Download or read book Biased written by Jennifer L. Eberhardt, PhD and published by Penguin. This book was released on 2019-03-26 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Poignant....important and illuminating."—The New York Times Book Review "Groundbreaking."—Bryan Stevenson, New York Times bestselling author of Just Mercy From one of the world’s leading experts on unconscious racial bias come stories, science, and strategies to address one of the central controversies of our time How do we talk about bias? How do we address racial disparities and inequities? What role do our institutions play in creating, maintaining, and magnifying those inequities? What role do we play? With a perspective that is at once scientific, investigative, and informed by personal experience, Dr. Jennifer Eberhardt offers us the language and courage we need to face one of the biggest and most troubling issues of our time. She exposes racial bias at all levels of society—in our neighborhoods, schools, workplaces, and criminal justice system. Yet she also offers us tools to address it. Eberhardt shows us how we can be vulnerable to bias but not doomed to live under its grip. Racial bias is a problem that we all have a role to play in solving.

The Foundations of Behavioral Economic Analysis

Author : Sanjit Dhami
Publisher : Oxford University Press, USA
ISBN 13 : 019885367X
Total Pages : 354 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit Dhami

Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press, USA. This book was released on 2020-01-02 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fifth volume of The Foundations of Behavioral Economic Analysis covers behavioral models of learning. It is an essential guide for advanced undergraduate and postgraduate students seeking a concise and focused text on this important subject, and examines heuristics and biases in judgment and decision making, mental accounting, and behavioral finance and bounded rationality. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioral economics.